Regulatory Alerts2018-03-26
Circular 27: Key Audit Matters for Collective Investment Schemes
The Financial Services Board mandates that auditors of collective investment schemes must communicate Key Audit Matters (KAM) in their independent audit reports pursuant to section 74(3) of the Collective Investment Schemes Control Act. This requirement aligns with the revised International Standard on Auditing 701, which aims to enhance transparency by highlighting the most significant matters identified during the financial statement audit. The directive applies to all audits of scheme and manager financial statements for periods ending on or after 31 December 2016.
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